One of the Government’s best kept secrets is their continual denial of increasing the Super Guarantee (SG).
The Super Guarantee is a monetary percentage of your wage that your employer pays towards your superannuation. This payment is on top of your wage – and is not taken out of your fortnightly pay. The introduction of the SG has been the great equalizer of retirement – seeing hardworking Australian’s being able to retire with a comfortable nest-egg.
Sounds simple right? Here’s the kicker.
The super guarantee is meant to rise in accordance with wage growth, and yet despite this – the super guarantee has remained at 9.5% for the last five years, and Australian workers won’t see the rise to 12% until 2025.
This period has become so infamous it even has a term – the great super freeze.
Collectively, the super freeze has left more than $38 billion of workers super out in the cold.
It’s time to change the rules.
Industry Super Australia (ISA) is demanding politicians to stick to their promise of rising the super guarantee to 12% by 2025, as all too often, workers entitlements are the first item on the chopping block.
ISA needs your support to get the message out there.
ISA has developed a new calculator that checks out how much super you can stand to lose should the rise not go ahead. Find out for yourself and pass this along to your mates to see what’s at stake. Check out ISA’s super freeze calculator.